Bangalore, November 7: There has been a surge in mobility startups like Bounce, Vogo and Rapido, which are increasing the share of the electric vehicles (EVs) space. In fact, the Indian government is emphasising on the sale of only electric vehicles by 2030 or having a larger percentage of EVs on the road by then.
According to a Livemint report, scooter rental startup Vogo aims to turn 70 percent of its fleet into EVs over the next five years. Similarly, Bounce raised capital to invest in transitioning a significant portion of its fleet to EVs.
The EV market currently makes up less than 1 percent of total vehicle sales in the country and experts said that this has not helped to bring down the cost of batteries, which account for almost half of the vehicle’s cost.
More than 90 percent of all EVs in India comprise of low-speed electric scooters. Experts believe that the induction of more EVs will help to bring down the operating costs for mobility startups, which were affected due to the pandemic and amid the nationwide lockdown.
As per reports, in the past two years, more than one million electric vehicles (EVs) hit the road in India. Talking about numbers, over 350,000 units were sold in FY18 and 750,000 units were sold in FY19. This shows that the government and startups are going all out to up the electric mobility game to ensure a clean and green environment.